My First Master's Thesis Topic:
CHOSEN ASPECTS OF ECONOMIC ANALYSIS OF OIL REFINERY "GLIMAR” 1994-1998
The thesis was written in the Business Management Unit
under the supervision of Danuta Kopycińska, Ph. D. and Full Professor of
Faculty of Economic Sciences and Management,
University of Szczecin, Poland.
If you are interested in any parts of this work and would like to cooperate with me on further research, please contact me.
Last revised: September, 2004 HOME PAGE
My thesis contains five chapters. It was written in Polish, therefore I just shortly present its content here.
First section covers theoretic information about economic analysis, introducing concepts and goals of economic analysis. I also placed there multiple classifications of economic analyses and presented certified accountant sources appropriate for such analyses.
Second chapter distinguishes two main subsections of economic analysis, dividing it for financial and technical parts. I characterized in detail only these techniques/ratios, which were applied in the remaining part of my thesis and explained how the possible results should be interpreted.
Chapters three and four contain empirical part of my work. In the third chapter I included general description of the Oil Refinery "GLIMAR” Co. (descriptive characterization of the company) and of the whole oil sector in Poland. I also characterized GLIMAR’s products and its position on the market (I used simplified Five Porter’s Strengths Analysis).
Fourth section presents chosen aspects of economic analysis, which I applied to assess the oil refinery (please look at the table of content to check which analyses I utilized). It covers both financial and technical-economic analyses. I calculated several ratios and presented multiple charts, choosing these aspects, which according to my best knowledge about the company and the character of the oil sector in Poland were the most adequate for appropriate assessment (This work was recognized as exceptional and graded with A by all members of my committee).
I the last section I included conclusions coming from the performed analyses. I presented them in the form of SWOT analysis (Strengths, Weaknesses, Opportunities and Threats).
INTRODUCTION
.......................................................................................................
3
CHARTER I. The essence of economic analysis of company ................. 5
1.1. Concept and
goals of economic analysis ......................................... 5
1.2. Scope and
types of economic analysis .......... 9
1.3. Sources of
information utilized in economic analysis ....... 16
CHARTER
II. Range of economic analyses applied to assess a company
......................... 24
2.1. Financial analysis of company ............................................ 24
2.2. Technical-economic analysis of company
..................... 47
CHARTER
III. Characterization of Oil Refinery "GLIMAR” Co.
..........................................
55
3.1. Information about the company .............................................................................. 55
3.1.1. History of the company and general information.................................. 55
3.1.2. Legal form (capacity), capital and organizational connections ......... 55
3.1.3. Data about board of directors and other administration units .................................... 56
3.2. Information about the company’s activity ........................................................... 57
3.2.1. Area of the market activity ..................................................... 57
3.2.2. General characterization of the oil sector ........................... 58
3.3. Porter’s Analysis
3.3.1. Current production, its market potential and risks .......... 62
3.3.2. Characterization of main suppliers, buyers and competitors ....................................... 66
CHARTER
IV. Applying economic analysis to assess "GLIMAR” Co.
............................................ 78
4.1. Financial analysis of Oil Refinery "GLIMAR” Co.. ................... 78
4.1.1. Horizontal analysis of assets and liabilities (Capital-Asset Analysis) .................... 78
4.1.2. Analysis of the paying capacity (solvency) and the borrowing power ... 85
4.1.3. Analysis of profitability................................................... 88
4.2. Technical-economic analysis of Oil Refinery "GLIMAR” Co. ............................................... 91
4.2.1. Structure of the labor force ............................... 91
4.2.2. Fixed Assets Utilization (Turnover) .............. 97
CONCLUSIONS
...................................................................................
102
INDEX
OF FIGURES .................................................................................
104
INDEX
OF TABLES ..........................................................................................
105
INDEX OF CHARTS ............................................................................... 107
LITERATURE ....................................................................................... 108